June 2024 Income At-A-Glance
Gross Income for June: $124,823
Total Expenses for June: $12,902
Total Net Profit for June: $111,921
Difference b/t June & May: -$70,204
% of net profit to overall gross revenue: 90%
Why We Publish An Income Report
This monthly income report is created for you, Fire Nation!
By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.
There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.
Check out all of our monthly income reports – from the very beginning!
Let’s IGNITE!
**We’ll receive a commission on the affiliate links below. If you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Ron Parisi’s Monthly Tax Tip
Hello, Fire Nation! Ron Parisi from CPA On Fire here with our June 2024 Tax and Accounting tip brought to you by CPA on Fire.
At CPA On Fire, we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.
Our firm has been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.
And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!
Ron’s June Tax Tip: The benefits of the R&D Tax Credit for business owners
This month, let’s zoom in on the benefits of the R&D Tax Credit for business owners.
As an entrepreneur, you might be missing out on a significant tax benefit that could put money back into your business: the R&D Tax Credit. While qualifying for this credit often involves working with a specialist, it’s worth understanding the basics to see if this opportunity is right for you.
What is the R&D Tax Credit?
The R&D Tax Credit is a significant monetary benefit for businesses that invest in research and development. This credit, which can amount to 12% to 16% of your R&D costs, is not just for traditional scientific research. It’s available to businesses of all types and sizes, including those in various stages of growth.
How Can Your Business Qualify?
For tax purposes, R&D encompasses a broad range of activities aimed at creating new knowledge. This can include:
- Developing new products or services
- Improving business processes or software
- Innovating tools or technologies
Even if your business is a startup and not yet generating taxable income, the R&D Tax Credit can still be beneficial. It can offset payroll taxes and may apply to previous years as well as current and future endeavors as you drive innovation forward.
If you’re looking to explore whether your business qualifies for the R&D Tax Credit, connecting with a specialist is a wise step.
We have helped many clients, including successful online entrepreneurs, leverage this tax benefit to ignite their growth potential!
CPA on Fire offers vCFO and fractional financial operation services. We have vast experience working with high-growth entrepreneurs. If you recognize the need to level up your financial operations to improve growth, profitability and free your time, let’s connect! We can show you how we help our amazing clients and what we can do for you and your business. Learn more at CPAOnFire.com.
What Went Down In June
Interview of the Month
Franchising – The Better Path to Business Ownership with Jon Ostenson
3 Value Bombs
- Building towards many smaller, healthy exits generates ongoing cash flow and creates potential exits to cross.
- Franchising is not right for everyone, but most people love support and need people on the sideline to go and execute for them.
- It’s important to have an expert guide to filter the right information you need.
Franbridge Consulting – Check out Jon’s website and sign up for a free consultation!
Non-Food Franchising: The Better Path to Business Ownership – Buy Jon’s book on Amazon!
Bo’s first trip!
My cousin’s oldest son graduated high school in June, and the celebration brought the entire family out to Minnesota. We haven’t all been together for about 10 years, so it was the perfect opportunity to have Bo meet a lot of his family – and take his first trip!
John decided to hang back in Puerto Rico, so I traveled solo with Bo, and wow – traveling alone with a baby is a lot of work! But worth every minute, especially knowing I was meeting family on the other end!
Bo did pretty great overall both travel days, and he was a champ throughout our stay in Minnesota. We did a lot of driving and moving around, so his days looked a lot different than normal, which is a good thing! He got to experience so many new things, and that was really cool to see.
We’re excited to be taking Bo on another trip to Maine and California to visit family at the end of July. We’ll be gone for two and a half months this time, and we can’t wait for the fun adventures ahead!
John speaks at Clay Clark’s Business Workshop
This is one of my favorite events of the year, and I’m so glad Clay invited me back this year!
Clay has been a long-time sponsor of EOFire, and I just love the focus he puts on entrepreneurs and helping grow their businesses.
Not only did I get to hang with Tim Tebow and rock the stage with Clay, but there were so many incredible attendees in the house I got to meet and spend time with!
Images courtesy of Clay Clark
If you’re looking for a serious business event that delivers REAL value – no fluff – then check out Clay and what he’s got going on: ThrivetimeShow.com/eofire! He’s got some really amazing upcoming events that you should definitely have on your radar.
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June 2024 Income Breakdown*
Product/Service Income: $120,353
TOTAL Journal Sales: $1,080 | Total Journals Sold: 29
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $420 (10 Freedom Journals + 1 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $460 (11 Mastery Journals + 2 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $200 (5 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $2,862 (recurring)
- New members: $1,394 (2 new member)
- Total: $4,256
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $0
Podcast Sponsorships: $115,000
Podcast Launch: Audiobook: $12 | eBook: $5
Free Courses that contribute to the above revenue:
Your Big Idea: Discover your big idea in under an hour!
Free Podcast Course: Create and launch your own podcast!
Funnel On Fire: Create a funnel that converts!
Affiliate Income: $4,470
*Affiliate links below – if you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Resources for Entrepreneurs: $4,307
- Audible: $12
- Bluehost: $0
- Click Funnels: $4,290
- CovertKit: $5
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $15
- Podcasting Press: $0
- Splasheo: $0
- Fusebox: $0
- Libsyn: $0 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $9
- UDemy Podcasting Course: $6
Other Resources: $148
- Amazon Associates: $19
- Other: $129
Total Gross Income in June: $124,823
Business Expenses: $8,158
- Advertising: $24
- Affiliate Commissions (Paradise): $0
- Cost of goods sold (Journals): $131
- Fulfillment: $0
- Consulting: $214
- Design & Branding: $0
- Dues & Subscriptions: $51
- Legal & Professional: $0
- Meals & Entertainment: $523
- Merchant / bank fees: $781
- Amazon fees: $938
- PayPal fees: $5
- Office expenses: $265
- Community Refunds: $1,497
- Promotional: $0
- Travel: $429
- Virtual Assistant Fees: $3,300
- Website Fees: $0
Recurring, Subscription-based Expenses: $4,744
- Adobe Creative Cloud: $60
- Accounting: $2,392
- Boomerang: $90 (team package)
- Authorize.net: $26
- Google: $75
- Cell Phone: $163
- CookieYes: $10
- Chat GPT: $20
- Internet: $68
- Analytics: $70
- eVoice: $15
- Keap CRM: $256
- Insurance: $669
- Libsyn: $209
- Linktree: $6
- Taxes & Licenses: $505
- Patreon: $40
- Xero: $70
Total Expenses in June: $12,902
Payroll to John & Kate: $15,900
In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!
Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)
Total Net Profit for June 2024: $111,921
Biggest Lesson Learned
Joining A Mastermind
I’ve been a part of a mastermind for as long as I’ve been an entrepreneur.
In the very beginning when I didn’t have a network, I started attending a local weekly meetup of entrepreneurs, and for a time that was my “mastermind”.
I quickly connected with several people at those meetups who became a part of my close network, and one of those individuals was a coach who offered small group masterminds. I joined.
Shortly after, and as my network grew, I became a part of a mastermind organized by peers. We met once a week in person and it was not only fun, but incredibly valuable and inspiring to be surrounded by individuals doing incredible things.
After that I decided to start my own mastermind. I reached out to a few friends in the entrepreneurial space and we organized our own meetups virtually once per week.
Then I was invited to join a mastermind with some female entrepreneurs here in my community, and that brought me so much clarity – and closeness.
For the past several years I’ve been in a mastermind with one of my close friends and fellow entrepreneurs. We were a group of 3, and recently our 3rd member had to take some time off. Instead of ending the mastermind, we decided to invite in a new member, and we just kicked things off this week. So far, it’s going great!
I’ve been a part of so many different types of masterminds. Big masterminds, masterminds led by other people, paid masterminds, free masterminds that I’ve put together on my own, small masterminds, virtual masterminds, in person…
All this to say, it doesn’t have to look any one specific way for you to get an immense amount of value out of it. So if you’ve been considering a mastermind, but haven’t found the right fit just yet, maybe it’s time to start one of your own with peers you’ve met at meetups, or online.
It can’t hurt to at least reach out to a few other people and see if it’s something they would be interested in, too. The support and guidance you’ll get from joining a mastermind will be one of the most powerful things on your journey to growing your business.
Until next month, keep your FIRE burning!
~ Kate & John
Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error.
